We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Mid Penn Bancorp Inc | NASDAQ:MPB | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.045 | 0.15% | 29.825 | 29.76 | 29.82 | 29.89 | 29.57 | 29.89 | 13,917 | 18:13:20 |
From Aug 2024 to Feb 2025
Mid Penn Bancorp, Inc. (NASDAQ: MPB) ("Mid Penn"), the parent company of Mid Penn Bank (the "Bank") and MPB Financial Services, LLC, today reported net income available to common shareholders ("earnings") for the quarter ended September 30, 2024 of $12.3 million, or $0.74 per diluted common share, compared to net income of $9.2 million, or $0.56 per diluted common share, for the third quarter of 2023 and a consensus analyst estimate of $0.72 per diluted common share for the third quarter of 2024.
Key Highlights of the Third Quarter of 2024:
(1)
Non-GAAP financial measure. Refer to the calculation in the section titled “Reconciliation of Non-GAAP Measures (Unaudited)” at the end of this document.
Chair, President and CEO Rory G. Ritrievi provided the following statement:
"On behalf of the hardworking employees of Mid Penn and its Board of Directors, I am very pleased to report that our third quarter earnings, detailed below, were not only better than what the analysts and we had expected, but were also based on continued fidelity to the strategies we outlined late last year in this shareholder communication.
Principally, those strategies included: restrained loan growth; robust core deposit growth; strong asset quality; restraint on operating expenses; and building on tangible book value.
With our third quarter loan and deposit growth through nine months, we are now at 6.2% annualized loan growth and 18.6% annualized deposit growth, which is right in line with the type of performance we targeted for the third quarter of 2024. Through nine months, we have experienced less than 0.01% annualized net charge offs, demonstrating strong performance in asset quality. With 7.2% annualized revenue growth within the quarter and 2.5% annualized expense growth, annualized operating leverage for the third quarter was 4.7%, demonstrating the benefit of an ongoing restraint on expenses.
Most importantly, we have seen a 10.7% improvement in tangible book value year over year and 6.9% growth since the end of 2023.
With another solid quarter now behind us, we are also pleased to announce that the Board has authorized a quarterly cash dividend of $0.20 per share of common stock, which was declared at its meeting on October 23, 2024, payable on November 25, 2024, to shareholders of record as of November 8, 2024."
Net Interest Income
For the three months ended September 30, 2024, net interest income was $40.2 million compared to net interest income of $38.8 million for the three months ended June 30, 2024, and $37.5 million for the three months ended September 30, 2023. The tax-equivalent net interest margin for the three months ended September 30, 2024 was 3.13% compared to 3.12% and 3.16% for the second quarter of 2024 and third quarter of 2023, respectively, representing a 1 basis point ("bp") increase from the second quarter of 2024, and a 3 bp decrease compared to the same period in 2023.
The yield on interest-earning assets increased to 5.73% for the quarter ended September 30, 2024, from 5.69% for the three months ended June 30, 2024, and 5.35% for the three months ended September 30, 2023. These increases were due to assets continuing to reprice at higher rates during the third quarter of 2024, continued discipline on new loan pricing, and an increase in the average balance of Fed Funds Sold.
For the nine months ended September 30, 2024, net interest income increased 4.9% to $115.4 million compared to net interest income of $110.0 million for the same period of 2023. The increase was primarily due to a $40.7 million increase in interest income on loans, offset by a $32.0 million increase in interest expense on deposits compared to the same period of 2023.
Average Balances
Average loans increased $52.6 million to $4.4 billion for the quarter ended September 30, 2024, compared to $4.4 billion for the quarter ended June 30, 2024, and $4.1 billion for the quarter ended September 30, 2023.
Average deposits were $4.6 billion for the third quarter of 2024, reflecting an increase of $146.0 million, or 3.3%, compared to total average deposits of $4.5 billion in the second quarter of 2024, and an increase of $236.6 million, or 5.4%, compared to total average deposits of $4.4 billion for the third quarter of 2023. Average balances were impacted by the acquisition of Brunswick Bancorp in the second quarter of 2023. The average cost of deposits was 2.66% for the third quarter of 2024, representing a 12 bp increase and a 48 bp increase from the second quarter of 2024 and the third quarter of 2023, respectively. The Bank continues to face headwinds with respect to deposit pricing, given increased interest rates and competition for deposits across all product types. Our primary focus with respect to deposit strategy is stability, ensuring that our rates are competitive, and our product mix satisfies the needs of our customers. Additionally, the Bank also maintains interest rate swaps to hedge the cash flows associated with existing brokered CDs to mitigate the impact of rising deposit costs. Cost of funds increased to 2.77%, compared to 2.74% for the second quarter of 2024, as the Bank continued to experience strong deposit growth.
Total deposits increased $209.8 million to $4.7 billion for the quarter ended September 30, 2024, or 18.6% (annualized), compared to $4.5 billion and $4.4 billion at June 30, 2024 and September 30, 2023, respectively. The increase during the third quarter of 2024 was primarily related to a $93.8 million increase in interest bearing deposits, and an increase of $90.0 million in time deposits. Time deposits represented 34.2% of total deposits at June 30, 2024, compared to 34.5% at September 30, 2024. The balance of non-interest-bearing deposits increased $26.0 million from the second quarter of 2024, representing approximately 16.8% of total deposits at September 30, 2024, compared to 17.0% at June 30, 2024, and 18.3% at September 30, 2023. The average duration of the non-hedged time deposit portfolio was 12 months at September 30, 2024.
Asset Quality
The total provision for credit losses, including provision for credit losses on off-balance sheet credit exposures, was $516 thousand for the three months ended September 30, 2024, a decrease of $1.1 million compared to the provision for credit losses of $1.6 million for the three months ended June 30, 2024, and a $1.6 million decrease compared to the provision for credit losses of $2.1 million for the three months ended September 30, 2023. This decrease was driven by a combination of a decreased reserve on individually evaluated loans and decreases in loss rates across multiple segments of the portfolio. Net charge-offs for the three months ended September 30, 2024, were $347 thousand or less than 0.008% of total loans.
The provision for credit losses on loans was $1.8 million for the nine months ended September 30, 2024, a decrease of $1.3 million compared to the provision for credit losses of $3.1 million for the nine months ended September 30, 2023. This decrease for the nine months ended September 30, 2024, is primarily due to a decrease in loss factors across all portfolios. The benefit for credit losses on off-balance sheet credit exposures was $601 thousand for the nine months ended September 30, 2024. Net charge-offs for the nine months ended September 30, 2024, were $409 thousand or 0.009% of total loans.
Allowance for credit losses - loans was 0.80% of loans, net of unearned income at September 30, 2024, compared to 0.81% and 0.82% at June 30, 2024 and September 30, 2023, respectively.
Total nonperforming assets were $17.7 million at September 30, 2024, compared to nonperforming assets of $10.4 million and $14.4 million at June 30, 2024 and September 30, 2023, respectively. The increase during the third quarter of 2024 primarily related to the addition of one commercial property with a balance of $7.7 million, being placed on nonaccrual in the third quarter of 2024. Delinquency, measured as loans past due 30 days or more, as a percentage of total loans was 0.61% at September 30, 2024, compared to .57% and .46% as of June 30, 2024, and September 30, 2023, respectively.
Capital
Shareholders’ equity increased $30.7 million, or 5.7%, from $542.4 million as of December 31, 2023 to $573.1 million as of September 30, 2024. Retained earnings increased $9.0 million, or 5.5%, from $163.3 million as of June 30, 2024 to $172.2 million as of September 30, 2024. Regulatory capital ratios for both Mid Penn and the Bank indicate regulatory capital levels in excess of both the regulatory minimums and the levels necessary for the Bank to be considered "well capitalized" at September 30, 2024. Additionally, Mid Penn declared $3.3 million in dividends during the third quarter of 2024.
On April 24, 2024, Mid Penn’s Board of Directors reauthorized its treasury stock repurchase program ("Program") effective through April 24, 2025. The Program authorizes the repurchase of up to $15.0 million of Mid Penn’s outstanding common stock. During the nine months ended September 30, 2024, Mid Penn repurchased 15,500 shares of common stock at an average price of $20.81. As of September 30, 2024, Mid Penn repurchased a total of 440,722 shares of common stock at an average price of $22.78 per share under the Program. The Program had approximately $5.0 million remaining available for repurchase as of September 30, 2024.
Noninterest Income
For the three months ended September 30, 2024, noninterest income totaled $5.2 million, a decrease of $151 thousand, or 2.8%, compared to noninterest income of $5.3 million for the second quarter of 2024. The decrease is primarily due to a $416 thousand decrease in other miscellaneous noninterest income, driven by a $482 thousand decrease in Bank owned life insurance benefits received, partially offset by a $140 thousand increase in mortgage banking income, a $76 thousand increase in the gain on sales of SBA loans, and a $74 thousand increase in income from Fiduciary activities.
For the nine months ended September 30, 2024, noninterest income totaled $16.3 million, an increase of $1.5 million, or 9.8%, compared to noninterest income of $14.9 million for the nine months ended September 30, 2023. The increase in noninterest income is primarily driven by a $1.0 million increase in other miscellaneous noninterest income, driven by increases in Bank owned life insurance benefits received, and a $767 thousand increase in Mortgage Banking income.
Noninterest Expense
Total noninterest expense increased $1.7 million to $30.0 million in the third quarter of 2024 from $28.2 million in the second quarter of 2024. The increase was driven by a $924 thousand increase in legal and professional fees, a $700 thousand increase in shares tax, and a $623 thousand increase in salaries and employee benefits, partially offset by a $624 thousand decrease in other miscellaneous noninterest expense.
For the nine months ended September 30, 2024, noninterest expense totaled $86.7 million, a decrease of $3.5 million, or 3.9%, compared to noninterest expense of $90.2 million for the nine months ended September 30, 2023. The decrease was primarily driven by $7.9 million of Brunswick acquisition costs in 2023, partially offset by a $3.0 million increase in salaries and benefits expense, and a $1.0 million increase in legal and professional fees.
The efficiency ratio(1) was 64.9% in the third quarter of 2024, compared to 63.7% in the second quarter of 2024, and 66.3% in the third quarter of 2023. The change in the efficiency ratio during the third quarter of 2024 compared to the second quarter of 2024 was the result of higher net interest income and slightly higher noninterest expense, partially offset by lower noninterest income driven by a decrease in Bank owned life insurance benefits received . Mid Penn continues to evaluate levels of noninterest expense for opportunities to reduce operating costs throughout the organization.
Subsequent Events
Management considers subsequent events occurring after the balance sheet date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company’s consolidated financial statements when filed with the Securities and Exchange Commission ("SEC"). Accordingly, the financial information in this announcement is subject to change. The statements are valid only as of the date hereof and Mid Penn disclaims any obligation to update this information.
(1)
Non-GAAP financial measure. Refer to the calculation in the section titled “Reconciliation of Non-GAAP Measures (Unaudited)” at the end of this document.
SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS
This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's current views and expectations about new and existing programs and products, relationships, opportunities, technology and market conditions. These statements may be identified by such forward-looking terminology as "continues," "expect," "look," "believe," "anticipate," "may," "will," "should," "projects," "strategy" or similar statements. Actual results may differ materially from such forward-looking statements, and no reliance should be placed on any forward-looking statement. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; common shares outstanding; common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on securities held in Mid Penn’s portfolio; legislation affecting the financial services industry as a whole, and Mid Penn and Mid Penn Bank individually or collectively, including tax legislation; results of the regulatory examination and supervision process and oversight, including changes in monetary policy and capital requirements; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or regulatory agencies; increasing price and product/service competition by competitors, including new entrants; rapid technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products/services; containing costs and expenses; governmental and public policy changes; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; the outcome of future litigation and governmental proceedings, including tax-related examinations and other matters; continued availability of financing; the availability of financial resources in the amounts, at the times and on the terms required to support Mid Penn and Mid Penn Bank’s future businesses; material differences in the actual financial results of merger, acquisition and investment activities compared with Mid Penn’s initial expectations, including the full realization of anticipated cost savings and revenue enhancements; the possibility that the anticipated benefits of a transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in legacy Mid Penn and target markets; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of a transaction; the ability to complete the integration of Mid Penn and its target successfully; the dilution caused by Mid Penn’s issuance of additional shares of its capital stock in connection with a transaction; and other factors that may affect the future results of Mid Penn.
For a more detailed description of these and other factors which would affect our results, please see Mid Penn’s filings with the SEC, including those risk factors identified in the "Risk Factors" section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent filings with the SEC. The statements in this press release are made as of the date of this press release, even if subsequently made available by Mid Penn on its website or otherwise. Mid Penn does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of unanticipated events, except as required by law.
SUMMARY FINANCIAL HIGHLIGHTS (Unaudited):
(Dollars in thousands, except per share data)
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Ending Balances:
Investment securities
$
642,291
$
601,683
$
615,061
$
623,121
$
620,636
Loans, net of unearned income
4,431,704
4,364,561
4,317,449
4,252,792
4,145,657
Total assets
5,527,025
5,391,749
5,330,379
5,290,792
5,214,718
Total deposits
4,706,764
4,497,011
4,379,105
4,346,212
4,380,380
Shareholders' equity
573,059
559,686
550,968
542,350
528,711
Average Balances:
Investment securities
610,586
608,173
615,687
606,946
619,071
Loans, net of unearned income
4,405,969
4,353,360
4,293,828
4,201,092
4,053,514
Total assets
5,470,641
5,378,897
5,319,680
5,226,382
5,106,103
Total deposits
4,597,686
4,451,678
4,312,094
4,402,565
4,361,067
Shareholders' equity
565,300
553,675
546,001
537,219
529,067
Three Months Ended
Income Statement:
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Net interest income
$
40,169
$
38,766
$
36,456
$
37,000
$
37,480
Provision for credit losses
516
1,604
(937
)
(664
)
2,087
Noninterest income
5,178
5,329
5,837
5,117
5,346
Noninterest expense
29,959
28,224
28,520
28,389
29,229
Income before provision for income taxes
14,872
14,267
14,710
14,392
11,510
Provision for income taxes
2,571
2,496
2,577
2,294
2,274
Net income available to shareholders
12,301
11,771
12,133
12,098
9,236
Net income excluding non-recurring income and expenses (1)
12,383
11,284
10,673
12,098
9,514
Per Share:
Basic earnings per common share
$
0.74
$
0.71
$
0.73
$
0.73
$
0.56
Diluted earnings per common share
0.74
0.71
0.73
0.73
0.56
Cash dividends declared
0.20
0.20
0.20
0.20
0.20
Book value per common share
34.48
33.76
33.26
32.72
31.89
Tangible book value per common share (1)
26.36
25.75
25.23
24.67
23.81
Asset Quality:
Net charge-offs (recoveries) to average loans (3)
0.031
%
0.002
%
0.004
%
0.004
%
0.001
%
Non-performing loans to total loans
0.39
0.23
0.24
0.33
0.32
Non-performing asset to total loans and other real estate
0.40
0.24
0.36
0.34
0.35
Non-performing asset to total assets
0.32
0.19
0.29
0.27
0.28
ACL on loans to total loans
0.80
0.81
0.78
0.80
0.82
ACL on loans to nonperforming loans
204.61
352.92
322.69
240.48
252.67
Profitability:
Return on average assets (3)
0.89
%
0.88
%
0.92
%
0.92
%
0.72
%
Return on average equity (3)
8.66
8.55
8.94
8.93
6.93
Return on average tangible common equity (1) (3)
11.69
11.57
12.15
12.31
9.69
Tax-equivalent net interest margin
3.13
3.12
2.98
3.02
3.16
Efficiency ratio (1)
64.89
63.65
68.80
66.42
66.34
Capital Ratios:
Tier 1 Capital (to Average Assets) (2)
8.4
%
8.4
%
8.3
%
8.3
%
8.4
%
Common Tier 1 Capital (to Risk Weighted Assets) (2)
10.1
9.9
9.6
9.7
9.7
Tier 1 Capital (to Risk Weighted Assets) (2)
10.1
9.9
9.6
9.7
9.7
Total Capital (to Risk Weighted Assets) (2)
11.9
11.8
11.4
11.6
11.7
(1)
Non-GAAP financial measure. Refer to the calculation in the section titled “Reconciliation of Non-GAAP Measures (Unaudited)” at the end of this document.
(2)
Regulatory capital ratios as of September 30, 2024 are preliminary and prior periods are actual.
(3)
Annualized ratio
CONSOLIDATED BALANCE SHEETS (Unaudited):
(In thousands, except share data)
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
ASSETS
Cash and due from banks
$
57,518
$
36,948
$
33,362
$
45,435
$
52,509
Interest-bearing balances with other financial institutions
19,323
25,585
31,801
34,668
12,739
Federal funds sold
67,554
43,193
2,922
16,660
52,851
Total cash and cash equivalents
144,395
105,726
68,085
96,763
118,099
Investment Securities:
Held to maturity, at amortized cost
386,618
393,320
396,998
399,128
401,561
Available for sale, at fair value
255,227
207,936
217,632
223,555
218,662
Equity securities available for sale, at fair value
446
427
431
438
413
Loans held for sale
7,919
8,420
4,581
3,855
4,270
Loans, net of unearned income
4,431,704
4,364,561
4,317,449
4,252,792
4,145,657
Less: Allowance for credit losses
(35,562
)
(35,288
)
(33,524
)
(34,187
)
(34,004
)
Net loans
4,396,142
4,329,273
4,283,925
4,218,605
4,111,653
Premises and equipment, net
33,765
34,344
36,068
36,909
38,102
Operating lease right of use asset
7,390
7,925
8,414
8,953
8,693
Finance lease right of use asset
2,593
2,638
2,683
2,727
2,773
Cash surrender value of life insurance
53,135
53,298
52,997
54,497
54,209
Restricted investment in bank stocks
10,589
13,930
17,446
16,768
13,554
Accrued interest receivable
27,286
27,381
26,975
25,820
24,230
Deferred income taxes
23,197
24,520
22,894
24,146
25,110
Goodwill
128,160
127,031
127,031
127,031
127,031
Core deposit and other intangibles, net
6,713
5,626
6,051
6,479
6,970
Foreclosed assets held for sale
281
441
5,110
293
905
Other assets
43,169
49,513
53,058
44,825
58,483
Total Assets
$
5,527,025
$
5,391,749
$
5,330,379
$
5,290,792
$
5,214,718
LIABILITIES & SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand
$
791,980
$
766,014
$
807,861
$
801,312
$
803,550
Interest-bearing transaction accounts
2,288,783
2,194,948
2,082,846
2,086,450
2,217,885
Time
1,626,001
1,536,049
1,488,398
1,458,450
1,358,945
Total Deposits
4,706,764
4,497,011
4,379,105
4,346,212
4,380,380
Short-term borrowings
114,097
200,000
271,849
241,532
139,000
Long-term debt
23,716
23,827
23,941
59,003
58,991
Subordinated debt and trust preferred securities
45,894
46,047
46,201
46,354
46,501
Operating lease liability
7,778
8,344
8,683
9,285
9,097
Accrued interest payable
18,995
18,139
16,330
14,257
14,657
Other liabilities
36,722
38,695
33,302
31,799
37,381
Total Liabilities
4,953,966
4,832,063
4,779,411
4,748,442
4,686,007
Shareholders' Equity:
Common stock, par value $1.00 per share; 40.0 million shares authorized
17,061
17,051
17,006
16,999
16,993
Additional paid-in capital
406,922
406,544
406,150
405,725
405,341
Retained earnings
172,234
163,256
154,801
145,982
137,199
Accumulated other comprehensive loss
(13,116
)
(17,123
)
(16,947
)
(16,637
)
(21,362
)
Treasury stock
(10,042
)
(10,042
)
(10,042
)
(9,719
)
(9,460
)
Total Shareholders’ Equity
573,059
559,686
550,968
542,350
528,711
Total Liabilities and Shareholders' Equity
$
5,527,025
$
5,391,749
$
5,330,379
$
5,290,792
$
5,214,718
CONSOLIDATED STATEMENTS OF INCOME (Unaudited):
Three Months Ended
(Dollars in thousands, except per share data)
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2023
Dec. 31, 2023
Sep. 30, 2023
INTEREST INCOME
Loans, including fees
$
68,080
$
66,096
$
63,236
$
61,309
$
58,792
Investment securities:
Taxable
4,136
4,143
4,040
4,063
4,106
Tax-exempt
359
371
376
378
382
Other interest-bearing balances
223
347
403
139
86
Federal funds sold
1,043
282
136
228
51
Total Interest Income
73,841
71,239
68,191
66,117
63,417
INTEREST EXPENSE
Deposits
30,689
28,463
26,332
25,808
23,559
Short-term borrowings
2,296
3,324
4,446
2,506
1,584
Long-term and subordinated debt
687
686
957
803
794
Total Interest Expense
33,672
32,473
31,735
29,117
25,937
Net Interest Income
40,169
38,766
36,456
37,000
37,480
PROVISION FOR CREDIT LOSSES
516
1,604
(937
)
(664
)
2,087
Net Interest Income After Provision for Credit Losses
39,653
37,162
37,393
37,664
35,393
NONINTEREST INCOME
Fiduciary and wealth management
1,204
1,129
1,132
1,323
1,296
ATM debit card interchange
962
973
945
979
986
Service charges on deposits
549
539
509
485
509
Mortgage banking
768
628
424
300
382
Mortgage hedging
(1
)
—
—
109
67
Net gain on sales of SBA loans
151
74
107
358
85
Earnings from cash surrender value of life insurance
276
301
284
288
278
Other
1,269
1,685
2,436
1,275
1,743
Total Noninterest Income
5,178
5,329
5,837
5,117
5,346
NONINTEREST EXPENSE
Salaries and employee benefits
16,156
15,533
15,462
15,215
15,259
Software licensing and utilization
2,366
2,208
2,120
1,826
2,085
Occupancy, net
1,815
1,861
1,982
1,952
1,761
Equipment
1,206
1,287
1,222
1,330
1,292
Shares tax
824
124
997
255
808
Legal and professional fees
1,613
689
998
653
890
ATM/card processing
606
510
534
442
641
Intangible amortization
460
425
428
491
484
FDIC Assessment
1,150
1,232
945
730
1,746
(Gain) loss on sale or write-down of foreclosed assets, net
(35
)
42
—
—
(18
)
Merger and acquisition
109
—
—
—
352
Other
3,689
4,313
3,832
5,495
3,929
Total Noninterest Expense
29,959
28,224
28,520
28,389
29,229
INCOME BEFORE PROVISION FOR INCOME TAXES
14,872
14,267
14,710
14,392
11,510
Provision for income taxes
2,571
2,496
2,577
2,294
2,274
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS
$
12,301
$
11,771
$
12,133
$
12,098
$
9,236
PER COMMON SHARE DATA:
Basic Earnings Per Common Share
$
0.74
$
0.71
$
0.73
$
0.73
$
0.56
Diluted Earnings Per Common Share
$
0.74
$
0.71
$
0.73
$
0.73
$
0.56
Cash Dividends Declared
$
0.20
$
0.20
$
0.20
$
0.20
$
0.20
CONSOLIDATED – AVERAGE BALANCE SHEET AND NET INTEREST INCOME ANALYSIS (Unaudited):
Average Balances, Income and Interest Rates on a Taxable Equivalent Basis
For the Three Months Ended
September 30, 2024
June 30, 2024
September 30, 2023
(Dollars in thousands)
Average Balance
Interest
Yield/
Rate(2)
Average Balance
Interest
Yield/
Rate(2)
Average Balance
Interest
Yield/
Rate(2)
ASSETS:
Interest Bearing Balances
$
25,123
$
223
3.53
%
$
35,618
$
347
3.92
%
$
12,804
$
86
2.66
%
Investment Securities:
Taxable
537,257
3,682
2.73
533,748
3,701
2.79
541,403
3,846
2.82
Tax-Exempt
73,329
359
1.95
74,425
371
2.00
77,668
382
1.95
Total Securities
610,586
4,041
2.63
608,173
4,072
2.69
619,071
4,228
2.71
Federal Funds Sold
75,683
1,043
5.48
19,432
282
5.84
8,260
51
2.45
Loans, Net of Unearned Income
4,405,969
68,080
6.15
4,353,360
66,096
6.11
4,053,514
58,792
5.75
Restricted Investment in Bank Stocks
13,252
454
13.63
16,066
442
11.07
10,968
260
9.40
Total Earning Assets
5,130,613
73,841
5.73
5,032,649
71,239
5.69
4,704,617
63,417
5.35
Cash and Due from Banks
44,052
39,053
77,122
Other Assets
295,976
307,195
324,364
Total Assets
$
5,470,641
$
5,378,897
$
5,106,103
LIABILITIES & SHAREHOLDERS' EQUITY:
Interest-bearing Demand
$
1,066,878
$
5,291
1.97
%
$
972,852
$
4,477
1.85
%
$
960,052
$
3,899
1.61
%
Money Market
921,054
7,060
3.05
908,807
6,632
2.94
929,036
5,969
2.55
Savings
272,186
63
0.09
281,560
52
0.07
308,732
60
0.08
Time
1,561,633
18,275
4.66
1,510,079
17,302
4.61
1,308,945
13,631
4.13
Total Interest-bearing Deposits
3,821,751
30,689
3.19
3,673,298
28,463
3.12
3,506,765
23,559
2.67
Short term borrowings
169,754
2,296
5.38
241,713
3,324
5.53
64,282
1,584
9.78
Long-term debt
23,757
264
4.42
23,870
262
4.41
76,515
333
1.73
Subordinated debt and trust preferred securities
45,969
423
3.66
46,122
424
3.70
46,377
461
3.94
Total Interest-bearing Liabilities
4,061,231
33,672
3.30
3,985,003
32,473
3.28
3,693,939
25,937
2.79
Noninterest-bearing Demand
775,935
778,380
854,302
Other Liabilities
68,175
61,839
28,795
Shareholders' Equity
565,300
553,675
529,067
Total Liabilities & Shareholders' Equity
$
5,470,641
$
5,378,897
$
5,106,103
Net Interest Income
$
40,169
$
38,766
$
37,480
Taxable Equivalent Adjustment (1)
252
253
33
Net Interest Income (taxable equivalent basis)
$
40,421
$
39,019
$
37,513
Total Yield on Earning Assets
5.73
%
5.69
%
5.35
%
Rate on Supporting Liabilities
3.30
3.28
2.79
Average Interest Spread
2.43
2.42
2.56
Tax-Equivalent Net Interest Margin
3.13
3.12
3.16
(1)
Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowance.
(2)
Annualized ratios
ALLOWANCE FOR CREDIT LOSSES AND ASSET QUALITY (Unaudited):
(Dollars in thousands)
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Allowance for Credit Losses on Loans:
Beginning balance
$
35,288
$
33,524
$
34,187
$
34,004
$
32,588
Loans Charged off
Commercial real estate
—
—
—
—
—
Commercial and industrial
(356
)
(56
)
—
(19
)
—
Construction
—
—
—
—
—
Residential mortgage
—
(2
)
(28
)
(9
)
—
Consumer
(8
)
(4
)
(22
)
(17
)
(32
)
Total loans charged off
(364
)
(62
)
(50
)
(45
)
(32
)
Recoveries of loans previously charged off
Commercial real estate
—
4
—
—
—
Commercial and industrial
—
—
—
—
—
Construction
—
—
—
—
—
Residential mortgage
2
29
—
—
7
Consumer
15
11
6
7
14
Total recoveries
17
44
6
7
21
Balance before provision
34,941
33,506
34,143
33,966
32,577
Provision for credit losses - loans
621
1,782
(619
)
221
1,427
Balance, end of quarter
$
35,562
$
35,288
$
33,524
$
34,187
$
34,004
Nonperforming Assets
Total nonaccrual loans
17,380
9,999
10,389
14,216
13,458
Foreclosed real estate
281
441
5,110
293
905
Total nonperforming assets
17,661
10,440
15,499
14,509
14,363
Accruing loans 90 days or more past due
1
—
25
—
12
Total risk elements
$
17,662
$
10,440
$
15,524
$
14,509
$
14,375
RECONCILIATION OF NON-GAAP MEASURES (Unaudited)
Explanatory note: This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). Mid Penn’s management uses these non-GAAP financial measures in their analysis of Mid Penn’s performance. For tangible book value, the most directly comparable financial measure calculated in accordance with GAAP is book value. We believe that this measure is important to many investors in the marketplace who are interested in changes from period to period in book value per common share exclusive of changes in intangible assets. Goodwill and other intangible assets have the effect of increasing total book value while not increasing tangible book value. Income tax effects of non-GAAP adjustments are calculated using the applicable statutory tax rate for the jurisdictions in which the charges (benefits) are incurred, while taking into consideration any valuation allowances or non-deductible portions of the non-GAAP adjustments. Adjusted earnings per common share excludes from income available to common shareholders certain expenses related to significant non-core activities, including merger-related expenses, net of income taxes. For return on average tangible common equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity. The efficiency ratio is often used by management to measure its noninterest expense as a percentage of its revenue. This non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of Mid Penn’s results and financial condition as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. Management believes that this non-GAAP supplemental information will be helpful in understanding Mid Penn’s ongoing operating results. This supplemental presentation should not be construed as an inference that Mid Penn’s future results will be unaffected by similar adjustments to be determined in accordance with GAAP. The reconciliation of the non-GAAP to comparable GAAP financial measures can be found in the tables below.
Tangible Book Value Per Common Share
(Dollars in thousands, except per share data)
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Shareholders' Equity
$
573,059
$
559,686
$
550,968
$
542,350
$
528,711
Less: Goodwill
128,160
127,031
127,031
127,031
127,031
Less: Core Deposit and Other Intangibles
6,713
5,626
6,051
6,479
6,970
Tangible Equity
$
438,186
$
427,029
$
417,886
$
408,840
$
394,710
Common Shares Outstanding
16,620,174
16,580,595
16,565,637
16,573,707
16,580,347
Tangible Book Value per Share
$
26.36
$
25.75
$
25.23
$
24.67
$
23.81
Adjusted Earnings Per Common Share Excluding Non-Recurring Income and Expenses
Three Months Ended
(Dollars in thousands, except per share data)
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Net Income Available to Common Shareholders
$
12,301
$
11,771
$
12,133
$
12,098
$
9,236
Less: BOLI Death Benefit Income
4
487
1,460
—
—
Plus: Merger and Acquisition Expenses
109
—
—
—
352
Less: Tax Effect of Merger and Acquisition Expenses
23
—
—
—
74
Net Income Excluding Non-Recurring Income and Expenses
$
12,383
$
11,284
$
10,673
$
12,098
$
9,514
Weighted Average Shares Outstanding
16,612,657
16,576,283
16,567,902
16,574,199
16,571,825
Adjusted Earnings Per Common Share Excluding Non-Recurring Income and Expenses
$
0.75
$
0.68
$
0.64
$
0.73
$
0.57
Return on Average Tangible Common Equity
Three Months Ended
(Dollars in thousands)
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Net income available to common shareholders
$
12,301
$
11,771
$
12,133
$
12,098
$
9,236
Plus: Intangible amortization, net of tax
363
336
338
388
382
$
12,664
$
12,107
$
12,471
$
12,486
$
9,618
Average shareholders' equity
$
565,300
$
553,675
$
546,001
$
537,219
$
529,067
Less: Average goodwill
127,773
127,031
127,031
127,031
127,031
Less: Average core deposit and other intangibles
6,424
5,833
6,259
6,716
7,210
Average tangible shareholders' equity
$
431,103
$
420,811
$
412,711
$
403,472
$
394,826
Return on average tangible common equity(1)
11.69
%
11.57
%
12.15
%
12.31
%
9.69
%
(1)
Annualized ratio
Efficiency Ratio
Three Months Ended
(Dollars in thousands)
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Noninterest expense
$
29,959
$
28,224
$
28,520
$
28,389
$
29,229
Less: Merger and acquisition expenses
109
—
—
—
352
Less: Intangible amortization
460
425
428
491
484
Less: Loss (Gain) on sale or write-down of foreclosed assets, net
(35
)
42
—
—
(18
)
Efficiency ratio numerator
$
29,425
$
27,757
$
28,092
$
27,898
$
28,411
Net interest income
40,169
38,766
36,456
37,000
37,480
Noninterest income
5,178
5,329
5,837
5,117
5,346
Less: BOLI Death Benefit
4
487
1,460
—
—
Efficiency ratio denominator
$
45,343
$
43,608
$
40,833
$
42,117
$
42,826
Efficiency ratio
64.89
%
63.65
%
68.80
%
66.24
%
66.34
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20241023692355/en/
Mid Penn Bancorp, Inc. 1-866-642-7736
Rory G. Ritrievi Chair, President & Chief Executive Officer
Justin T. Webb Chief Financial Officer
1 Year Mid Penn Bancorp Chart |
1 Month Mid Penn Bancorp Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
